Creditors seeking money from Residential Capital Corp. have until Nov. 9 to submit a claim to the bankruptcy court, according to a notice the company is sending to its servicing customers.
ResCap, which also goes by the trade name GMAC Mortgage, recently mailed its mortgagors—and applicants—an update on its bankruptcy, noting that if they are being foreclosed upon they will not need to file a proof of claim “unless you have asserted any affirmative defenses that request monetary relief.”
Meanwhile, in a recent SEC filing, ResCap’s parent company disclosed several things that could go wrong with the Oct. 23 public auction of the nation’s fifth largest home servicer. Among other things, Ally Financial notes, “A loss of contractual servicing rights could have a material effect on our financial condition, liquidity and results of operations.”
Ally also warns that the bankruptcy court may not approve the sale of ResCap. At this point,
ResCap controls roughly $365 billion in servicing rights, according to the
The new disclosures came in an amended S-1A filing that provides details on Ally’s initial public offering, which could proceed once ResCap is finally sold.
